New loans from banks in China reached 2.47 trillion yuan ($344.8 billion) in September, nearly doubling from August’s 1.25 trillion yuan.
Last month’s figure topped the median forecast by economists collected by The Wall Street Journal of 1.84 trillion yuan.
Total social financing, a broad measure of credit that includes non-bank loans, stood at 3.53 trillion yuan in September, also up from 2.43 trillion yuan in August, according to the People’s Bank of China (PBoC, in acronym in English).
M2, the broadest measure of China’s money supply, rose 12.1% year-on-year last month.
Bank lending has gained traction in China on account of the government’s determination, which wants to support the slowing local economy. The protracted slump in the housing sector and stringent Covid-19 restrictions have dampened domestic demand.
With no signs of lifting its virus controls, Beijing is relying on government-led investment and bank lending to spur growth.
Source: CNN Brasil
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